16 Oct 2013
EUR/CHF on the verge of a convincing break of “correction resistance” at 1.2346
FXstreet.com (Barcelona) - The EUR/CHF sits on the brink of breaking out above the 100% Fibonacci price projection line – also known as “correction resistance” at 1.2346. European and Swiss data due out Wednesday may make or break EUR/CHF’s chances of doing so.
EUR/CHF traders to react to data over the next several hours
EUR/CHF traders will be reacting to EuroZone CPI and trade balance data as well as Swiss ZEW Expectations data on Wednesday. The cross has been in a strong up move recently, so aspiring longs may be waiting in the wings to buy any dips that do occur in the near-term.
Technical outlook for EUR/CHF
Technicians say the EUR/CHF needs to close above 1.2346 to open up more upside potential – perhaps up to 1.2398. Support for the cross comes in at 1.2317 – the 200-day moving average.
EUR/CHF traders to react to data over the next several hours
EUR/CHF traders will be reacting to EuroZone CPI and trade balance data as well as Swiss ZEW Expectations data on Wednesday. The cross has been in a strong up move recently, so aspiring longs may be waiting in the wings to buy any dips that do occur in the near-term.
Technical outlook for EUR/CHF
Technicians say the EUR/CHF needs to close above 1.2346 to open up more upside potential – perhaps up to 1.2398. Support for the cross comes in at 1.2317 – the 200-day moving average.